BELGIUM: Ter Beke shares fall on trading update
Belgian food group Ter Beke's shares fell following its third quarter trading update today (5 November).
Shares in the company were down 2.62% to EUR61.05 (US$86.19) at 11:36 CET after the company reported that turnover growth temporarily slowed during the summer, mainly in its ready meals division.
The company said that during the quarter it entered a joint venture with French company Stefano Toselli to produce lasagne and pasta meals throughout Central and Eastern Europe.
The companies will also consider constructing a production site in Central Europe, dedicated to production for the Central and Eastern European market, with a final decision to be released in Spring 2011.
The company said that its new slicing and logistics centre in Wijchen, in the Netherlands, would be operational from November, and, slicing operations which took place in the factories in and around Milsbeek will be centralised on the new site.
The company is forecasting a net improvement of EUR1.3m for the full year, when compared to the previous year.
- Unilever 2016 investor day - the top takeaways
- The key questions for digital strategists in 2017
- Have food promotions reached tipping point?
- ABF on Brexit, M&A and grocery - interview
- How Tyson's new CEO plans to grow the meat group
- General Mills jobs to go in business revamp
- Japan's Nagatanien buys Chaucer Food Group
- Nestle unveils process to cut sugar by 40%
- B&G acquires pasta sauce group Victoria Fine Foods
- Tyson sets up US$150m investment fund